Restaurant Brands International (QSR) has reported quarterly earnings and revenue that beat
analysts’ expectations due largely to increased sales at Tim Hortons.
The Toronto-based company, which also owns Burger King, Popeyes Louisiana Kitchen, and
Firehouse Subs, earned $0.96 U.S. per share versus $0.80 U.S. that was expected. Revenue
came in at $1.73 billion U.S. compared to $1.66 billion U.S. that was expected.
Tim Hortons’ same-store sales grew 9.8% in the third quarter ended September 30. The coffee
chain reported Canadian same-store sales growth of 11%, proving that a turnaround strategy at
the coffee chain is working.
Burger King reported same-store sales growth of 10.3%, driven by strong international numbers.
Same-store sales in Burger King’s home market of the U.S. rose 4% in the quarter.
Popeyes Louisiana Kitchen reported same-store sales growth of 3%, with U.S. same-store sales
up 1.3%.
Restaurant Brands said that its Q3 results were hurt by a strong U.S. dollar, reporting a $30
million U.S. loss from foreign exchange rates.
Restaurant Brands’ stock is up 7% this year and trading at $79.76 per share on the Toronto
Stock Exchange.
